Organigram Invests in U.S.-Based Open Book Extracts
MG Magazine
by Press Release
1d ago
TORONTO — Organigram Holdings Inc. is pleased to announce a US $2 million minority investment in Steady State LLC (d/b/a Open Book Extracts) (“OBX”) in the form of a convertible note. Based in Roxboro within North Carolina’s “Research Triangle,” OBX specializes in legal cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer, simplifying its clients’ supply chains. “We are extremely excited to make our first Jupiter pool investment in Open Book Extracts, a company that we’ve had on our radar for quite some time,” said Paolo De Luca, Chief Strategy ..read more
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Organigram Seeks C$25M in Public Offering
MG Magazine
by Press Release
1d ago
TORONTO — Organigram Holdings Inc. has entered into an underwriting agreement with ATB Securities Inc., as lead underwriter, on behalf of itself and a syndicate of underwriters to sell 7,740,000 Units at a price of C$3.23 per Unit for total gross proceeds of approximately C$25 million. The Company has granted the underwriters an over-allotment option exercisable, in whole or in part, to purchase up to an additional 1,161,000 Units at the Offering Price for up to 30 days following the closing of the Offering, for market stabilization purposes and to cover any over-allotments. Each Unit will be ..read more
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7 Pre-Roll Machines Designed for Profitable Production
MG Magazine
by Rachelle Gordon
1d ago
Pre-rolled joints are among the most popular products in the cannabis market today, gaining ground year after year. According to Headset data, pre-rolls are the third largest category in cannabis retail, accounting for fifteen percent of dispensary sales in 2023. The convenience and cost have consumers elated, offering brands an easy way to introduce their bud to new audiences without the sticker shock. The variety in the pre-roll space has expanded to include a wide range of SKUs. From dogwalkers to infused tarantulas, there’s a J for every occasion in 2024. With so much variety in consumer p ..read more
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AFC Gamma Provides Sunburn Cannabis with a Total of $34.0 Million Across Senior Secured Credit Facilities
MG Magazine
by Press Release
1d ago
WEST PALM BEACH, Fla. — AFC Gamma, Inc. today announced that it has provided a total of $34.0 million in debt capital across two senior secured credit facilities to High End Holdings, LLC and Green Sentry Holdings, LLC d/b/a Sunburn Cannabis, a private, vertically integrated, single-state Florida operator. Sunburn intends to use the proceeds from the credit facilities to refinance existing debt, provide working capital, and build additional cultivation and processing facilities and new retail dispensaries in its business plan. “Since entering the Florida market in 2022, Sunburn has continually ..read more
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PAX Becomes first Cannabis Brand to Achieve Plastic Negative Certification Across All Product Lines
MG Magazine
by Press Release
1d ago
SAN FRANCISCO — PAX, a leading global cannabis brand, today announced a new program to reduce plastic waste. Through a partnership with rePurpose Global, the world’s leading Plastic Action Platform, PAX has become the first brand in the cannabis space to achieve Plastic Negative certification across all existing product lines. This certification includes PAX Mini and Plus, PAX Era and 1G pods, and PAX Gummies, and means that for every product sold, twice as much plastic waste is removed from nature. As part of this broader plastic action effort, PAX is launching PAX Trip, the brand’s first all ..read more
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Dispensary-Agnostic Rewards Program Launches
MG Magazine
by Press Release
1d ago
SANTA CRUZ, Calif. — Jane Technologies, Inc. (“Jane”), a leading e-commerce provider, today announced Jane Gold, a first-of-its-kind consumer rewards program built to benefit the entire industry ecosystem. This patented technology allows cannabis brands that cannot ship direct-to-consumer the ability to provide exclusive cash-back rewards to consumers across Jane’s dispensary partner network. Jane Gold makes getting cash back on cannabis purchases simple and personalized. By joining for free, consumers qualify to earn exclusive cash back from their favorite brands, discovering new and bel ..read more
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MediPharm Labs Reports Fourth Quarter and Full Year 2023 Results
MG Magazine
by Press Release
1d ago
TORONTO – MediPharm Labs Corp., a pharmaceutical company specialized in precision-based cannabinoids, today announced its financial results for the full year and three months ended December 31, 2023. Select Highlights 2023 full year revenue increased approximately 50% to $33M versus prior year of $22M. 2023 full year Adjusted EBITDA(1) improved 50% to negative $10M in 2023 from negative $21M in 2022. Q4 2023 gross profit was $2.2M or 24%. Gross profit showed significant improvement over Q4 2022 of $0.2M or 4%. Q4 2023 Adjusted EBITDA(1) of negative $1.6M improved 55% from negative $3.6M ..read more
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ILGM Cannabis Seed Bank Appoints Ernst Rustenhoven Chief Executive Officer
MG Magazine
by Press Release
1d ago
MODESTO, Calif. — California-based cannabis seed bank I Love Growing Marijuana (ILGM) today announced the appointment of Ernst Rustenhoven as Chief Executive Officer (CEO). Rustenhoven, formerly a consumer-focused venture capital investor, initiated his career in investment banking, honing his expertise in strategy and deal advisory for fast-growing e-commerce businesses. With over 15 years of experience, he brings a wealth of business acumen and a profound understanding of cultivating growth-oriented consumer brands to ILGM’s leadership team. “I am energized to join ILGM a ..read more
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New York Waives Cannabis Cultivator Licensing Fees
MG Magazine
by Sue Dehnam
2d ago
ALBANY, NY – The East Coast state that easily should dominate the region’s legal cannabis market has suffered through enormous regulatory roadblocks and a lackluster adult-use rollout, but recent actions taken by regulators are beginning to bear fruit. Last week, New York Governor Kathy Hochul initiated a comprehensive review of the state’s cannabis program to address a disappointing rollout of only 87 adult-use dispensaries—far short of the 400 Hochul expected by now to support a healthy industry from top to bottom.  Days after Hochul’s announcement, the state’s Cannabis Control Board vo ..read more
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TILT Holdings Crowned a NECANN Cup Winner Third Year in a Row
MG Magazine
by Press Release
2d ago
PHOENIX — TILT Holdings Inc., a global provider of cannabis business solutions including inhalation technologies, cultivation, manufacturing, processing, brand development and retail, announced today that its subsidiary Standard Farms won first place for best vape cartridge in the 2024 NECANN Cup with the Mimosa Liquid Live Rosin “All-in-One” Vape using the Jupiter/CCELL Voca Pro hardware. “Being awarded the best vape product at one of the nation’s leading cannabis competitions with our sought-after Mimosa live rosin strain helps solidify TILT’s position as an industry leader in product a ..read more
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